MANILA – Factory output both in volume and value grew at a faster pace in November last year, the Philippine Statistics Authority (PSA) reported on Tuesday.
Results of the PSA's latest Monthly Integrated Survey of Selected Industries showed that the Value of Production Index (VaPI) grew by 2.2 percent in November, higher than the 1.1 percent expansion a month earlier.
The VaPI in November, however, was lower than the 13.2 percent growth in November 2022.
"The expansion in the annual growth of the VaPI in November 2023 was mainly attributed [to] the slower annual decrease in the manufacture of beverages at 1.4 percent in November 2023 compared with its annual drop of 26.9 percent in the previous month," the PSA said.
The Volume of Production Index (VoPI), meanwhile, expanded by 1.9 percent, faster than the 1.5 percent growth in October but slower than the 6.4 percent expansion seen in November 2022.
"The higher annual growth of the VoPI in November 2023 was mainly brought about by the same top three industry divisions that contributed to the higher annual rate of VaPI during the period," the PSA said.
It said these are manufacture of beverages, 11.6 percent annual decline from 34.4 percent annual drop in the previous month; manufacture of transport equipment, 17.1 percent annual increase from 5.8 percent annual increment in October 2023; and manufacture of chemical and chemical products, 2.4 percent annual drop from 10.9 percent annual decrease in October 2023.
The average capacity utilization rate for the manufacturing sector slightly went up to 74.8 percent from 74.3 percent in October last year.
The PSA said all industry divisions reported capacity utilization rates of more than 50 percent.
All industry divisions reported capacity utilization rates of over 60 percent during the month.
The PSA said the top three industry divisions in terms of reported capacity utilization rate were manufacture of machinery and equipment except electrical (80.8 percent), manufacture of transport equipment (80.8 percent), and manufacture of rubber and plastic products (79.9 percent). (PNA)
